Five questions on financial crime

Risk Angles

Financial crime is a well-known and widespread problem that impacts brand value and reputation, goodwill, and revenue of many organizations. In addition to the risk of losses
from financial crime itself, companies also face spiraling costs in related areas. Compliance
with increasing regulation, ongoing crime detection efforts, internal investigations of potential wrongdoing, external enforcement actions and any associated fines and
penalties, class action lawsuits, and other litigation are among the factors driving up both
the costs and risks associated with financial crime. In order to effectively detect, assess, prevent, and respond to financial crime, organizations should consider a more strategic and holistic risk management approach.

In this issue of Risk Angles, Peter Dent, Deloitte Canada partner and leader of its Forensic services practice and Global Financial Crime Initiative, answers five questions about financial crime. Then, Anthony DeSantis, principal in the Data Analytics practice within Deloitte Transactions and Business Analytics LLP, an affiliate of Deloitte Financial Advisory Services LLP in the United States, takes a closer look at the use of Big Data to proactively address fraud risk.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a detailed description of DTTL and its member firms.